ESS is trying to solve a critical problem with renewable energy: How to store energy from wind and solar installations when the wind isn’t blowing and the sun isn’t shining.
The company’s proposed solution is a long-duration energy storage batteries made of iron, salt and water, which are much cheaper and more readily available than the elements used in batteries today, like lithium and cobalt. Its early momentum attracted $57 million in investments from powerful backers like Bill Gates and Softbank, CEO Eric Dresselhuys told CNBC.
“There have been very few solutions for this long duration up until now, and it’s largely driven from the fact that we didn’t rely on energy storage as a major solution for hardening the system,” said Dresselhuys, who became the CEO of ESS this year after decades of energy and technology executive experience.
The company launched in the garage of co-founders Craig Evans and Julia Song in Portland, Ore., in2011 (they’re a married couple, in addition to being business partners), then moved to the Portland State Business Accelerator before expanding to its current 200,000-square-foot headquarters.
The company is backed by Bill Gates’ clean energy investment firm Breakthrough Energy Ventures, SB Energy (a wholly owned subsidiary of SoftBank) and multinational chemical company BASF, among other investors. The SPAC comes through a reverse merger with ACON S2 Acquisition Corp., run out of private equity firm Acon Investments.
ESS has not recorded any revenue yet, according to financial filings dated Sept. 8, but Dresselhuys says it has shipped product to customers, including TerraSol Energies in Pennsylvania and Siemens-Gamesa in Denmark; investor documents claim several other unnamed utilities as customers also. Also, ESS has orders in the pipeline from SB Energy and Enel Green Power España.
The company lost $245.3 million in the first six months of 2021, but only $18.4 million were operating losses (the remainder was due to losses on reevaluations of warrant and derivative liabilities). Operating losses were $17.4 million for 2021, and it expects to record its first profit in 2023.
Iron, salt and water: Safe, readily available materials
The big breakthrough for ESS is a long-duration battery built from readily available materials, explained Carmichael Roberts, a co-chair of the investment committee at Breakthrough Energy Ventures In a battery, the electrolyte is the liquid medium that connects the two ends of a battery, the anode and the cathode.
“The flow battery is cheaper, safer and has better operational life than conventional lithium-ion storage,” Roberts said.
Making a battery out of iron, salt and water means “there’s no toxicity, the technology we build doesn’t start fires or doesn’t blow up in fire,” said Dresselhuys.
Also, ESS batteries do not have lithium or cobalt, two common elements in batteries that are being impacted by supply chain crunches.
“Both are in potentially short supply globally and none are produced in the U.S.,” said Jesse Jenkins, an assistant professor at Princeton University who specializes in the energy grid.
“Lithium is less of an issue in the long run, as long as we recycle lithium ion batteries, but there may be some short-run price increases as production ramps up to match battery demand for EVs,” Jenkins said.
“Cobalt is a bit trickier and has come under fire for some of the supply chain relying on quote unquote ‘artisanal mines’ in Africa, which employ forced labor, and child labor in some cases, with people digging out cobalt by hand and very, very harsh conditions,” Jenkins said.
Neither does ESS use vanadium, a chemical element used in some flow battery technology. While promising, Dresselhuys says it’s too expensive to be meaningful.
“It’s one thing to make something work, and that can be very difficult. But it has to work cost effectively to be viable as a system because of the scale we’re talking about,” he said.
How the battery works: ‘The elegance is the simplicity’
Visualize a sandwich, said ESS’s business development lead, Hugh McDermott. The ESS battery technology is a stack of carbon plates with salt water with iron flowing through each layer.
Iron comes out of the salt water solution and sticks to one side of the plates. When the polarity of the plates is changed, the iron dissolves back into the water solution.
From a battery management control system, the flow of the ions can be switched, thereby also switching the flow of electricity onto and off the grid.
ESS Inc’s iron flow battery “stack.”
Image courtesy ESS Inc.
The idea of a iron flow battery has been around since the 1970s, Dresselhuys said. But there were technical issues that scientists hadn’t solved.
For example, early iterations of the iron flow battery technology would work for a while, but the electrolyte fluid would become imbalanced, build up on the battery, and the battery would become ineffective over time. To fix this, ESS developed a proton pump, which Dresselhuys says “allows the system to keep itself in balance throughout all of those charges and discharges so that the electrolyte is entirely clean.”
“The elegance is the simplicity,” said Rich Hossfeld, co-CEO at SB Energy and a board member at ESS. (SB Energy is not only an investor, but also a customer.)
But it took a lot of research and development to get a simple solution to work. ESS has been working on research and development for a decade. The proton pump was a really key breakthrough for the company, but one of many.
“There’s a very large intellectual property moat around the core technology and that will make it very difficult for other competitors to build a battery that is similar to ESS’ battery,” Hossfeld told CNBC.
ESS batteries can store energy for 4 to 12 hours, whereas the lithium batteries in cars are typically capped between two and four hours, Dresselhuys said.
To go above four hours of energy storage with lithium-ion batteries requires increasing the number of lithium-ion cells, Hossfeld told CNBC. ESS, on the other hand, can just add more water, iron and salt to a bigger tank of its stack-sandwiches.
“The way to think about ESS cost-wise is they are cost parity with lithium ion at four hours, and about half the cost above that, which we think creates a big advantage for them,” Hossfeld told CNBC.
Another key to the ESS iron-flow technology is its resilience.
“Capacity stays the same between year one and year 20,” Hossfeld said. Anyone who has a cellphone knows that is not the case for lithium-ion batteries. “You open it up, it comes out of the case, right now it will give you 10 hours. We all know it doesn’t give you 10 hours in a year, right?”
Energy centers are co-located with a wind or solar farm, allowing the batteries to charge up during the day when the sun is shining and then discharge in the late afternoon when there is typically a bump in energy demand.
SB Energy’s first installation of ESS Inc batteries in Davis, Calif. SB Energy is an investor in ESS and also a customer. These are batteries SB Energy purchased.
Photo courtesy SB Energy
Similarly with wind. “You can store four, eight, 10 hours of wind plants in the middle of the night and then discharge it during the day as needed,” Hossfeld told CNBC. “We look at ESS as a really good complement to that daily cycling between wind and solar.”
The Energy Warehouse, the only ESS product that exists so far, is the size of a shipping container, 40 feet long and 8 feet wide.
“That container holds 500 kilowatt hours of energy. That’s roughly the energy that you would need to power 20 to 30 homes, depending on where you are in the country,” McDermott told CNBC.
Four ESS Inc batteries
photo courtesy ESS Inc
ESS is also building a product called Energy Centers intended for utilities and independent power producers — for instance, businesses that own large solar farms who then sell that power to the grid.
For these kinds of larger customers, ESS will use similar battery technology, but the battery modules will be contained together in a building. Customer trials are expected to begin in 2022.
The big challenge: Getting an iron flow battery to scale
While iron-based batteries are a well-known technology, the big challenge has been getting them to scale.
“Iron based chemistries for flow batteries have a long and storied history, rightfully so because in theory they have some of the lowest theoretical costs possible. On paper these systems scale quite well,” explained Dan Steingart, Associate Professor of Chemical Metallurgy at Columbia University
But the reality has been quite different.
“We have not seen widespread adoption of this class of batteries and its cousins because of last-mile engineering challenges that have in the past added unacceptable capital and operating costs when compared to other available technologies,” Steingart told CNBC.
Flow batteries depend on pumps and membranes that are highly technical. “Think a kidney, writ very large, working 10,000 times harder than it has to, all the time,” he said. “It has been very difficult to have these, in practice, operate in a reliable manner without significant ancillary systems (that make the system more expensive upfront) or maintenance calls (which increase running costs).”‘
That said, Steingart notes the “sufficient capital” ESS has raised to validate its solutions to these challenges.
“The iron flow battery technology looks very promising as it is safe, environmentally friendly, uses non-toxic materials that can be sourced in the US, and doesn’t degrade over time and over multiple cycles,” Jan Pepper, the CEO of Peninsula Clean Energy, told CNBC.
Peninsula Clean Energy, a community energy buyer and the official power provider for San Mateo County in Calif., has not worked with ESS directly, but it’s trying to deliver cost-competitive 100% renewable energy on a 24/7 basis by 2025. Pepper knows that energy storage will help meet those goals.
“The current challenge with iron flow batteries is the cost,” Pepper said. “If companies like ESS can bring the cost down for their technology, then they and others will be able to make a meaningful impact in decarbonization efforts and help organizations like Peninsula Clean Energy meet our ambitious goals.”
As Steingart told CNBC, “A goal I use is in my lab for long duration energy storage: The battery has to cost about the same price as dog food per pound and last forever with little intervention.”
That said, if ESS can do what its investors think it can, “the successful execution of this chemistry would be a significant milestone for grid scale energy storage,” Steingart told CNBC.
Starting at under $35,000 with up to 319 miles of range, class-leading tech, and more, the Chevy Equinox EV is hard to beat. But, is “America’s most affordable 315+ miles range EV,” really the best value?
The Chevy Equinox EV wins best value electric vehicle
The fastest-growing EV brand in the US is not Tesla or Rivian, it’s Chevy, largely thanks to the electric Equinox. After launching the lower-priced LT model last year, starting at just $34,995, Chevy’s electric SUV has been flying off the lot.
GM expects the Chevy Equinox EV will be the third top-selling electric vehicle in the US in 2025, behind the Tesla Model Y and Model 3.
Considering what it offers, the electric Equinox is hard to beat, but is it really the best value? According to Cars.com, it is. The online marketplace released its latest Top EV picks ahead of the Federal EV tax credit, set to expire on September 30, naming the 2025 Chevy Equinox EV the best value electric vehicle.
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The online car-shopping marketplace sifted through the 77 EV models now available, naming the best for 2026 across value, usability, performance, and technology.
Chevy Equinox EV LT (Source: GM)
Other top EV picks included the 2026 Hyundai IONIQ 5 for best 2-Row SUV, the 2026 Kia EV9 for best 3-Row SUV, and the 2026 Hyundai IONIQ 6 for top electric car.
The 2026 Lucid Air was named the top luxury EV, while the 2026 Chevy Silverado EV took the title for top electric pickup truck.
Chevy Equinox EV interior (Source: GM)
“The federal EV tax credit helped make EVs more affordable, and while its expiration at the end of September may slow demand in the short term, it doesn’t mean the end of affordable EVs,” Aaron Bragman, Detroit Bureau Chief at Cars.com, explained.
Many automakers, including Chevy, Nissan, and Hyundai, are planning to launch lower-priced electric vehicles, while several state and local incentives will remain.
2025 Chevy Equinox EV trim
Starting Price
EPA-estimated Range
Monthly lease Price (September 2025)
LT FWD
$34,995
319 miles
$249
LT AWD
$40,295
307 miles
$319
RS FWD
$45,790
319 miles
$324
RS AWD
$49,090
307 miles
$367
2025 Chevy Equinox EV prices, range, and lease price September 2025 (Including $1,395 destination fee)
With leases starting at just $249 per month, the Chevy Equinox EV is hard to match right now. Chevy is offering pretty significant discounts across its entire EV lineup, including a $10,000 bonus on most models and 0% APR financing on any 2025 model year EV.
The Equinox EV is not only one of the most affordable to lease, but it’s also one of the cheapest to insure. According to a recent study from Insurify, the Chevy Blazer and Equinox are the most affordable EVs to insure.
If you’re looking to grab the savings while they are still available, we can help you get started. You can use our links below to find deals on the top electric vehicles in your area.
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EV Realty just broke ground on its first big truck charging hub in San Bernardino, California. The site sits in a prime location: by the San Bernardino Intermodal Facility, 60 million square feet of warehouse space, and Interstates 10 and 215 – a major freight route from the Ports of Los Angeles and Long Beach.
The hub will pack 9.9 megawatts of grid capacity and 76 DC fast charging ports, including megawatt charging pull-through stalls designed for big rigs. It’s built to serve regional and short-haul fleet customers in the Inland Empire metropolitan area, a hotspot for logistics and home to nearly 17,000 medium- and heavy-duty trucks.
EV Realty’s California charging hub is backed by the South Coast Air Quality Management District. It has a conditional award from California’s EnergIIZE Commercial Vehicles Project, funded by the California Energy Commission. It’s scheduled to open later this year.
EV Realty also announced today that it’s secured another $75 million in growth equity from private equity firm NGP, with contributions from the company’s management team. The funding will help scale its Powered Properties portfolio, including construction of the San Bernardino hub.
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Founded in 2022, EV Realty is focused on delivering turnkey, scalable charging solutions for commercial truck fleets. Last month, it partnered with Prologis to give drivers charging access across both networks. Earlier this year, EV Realty acquired a portfolio of assets from charging provider Gage Zero.
The 30% federal solar tax credit is ending this year. If you’ve ever considered going solar, now’s the time to act. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
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Solid-state EV batteries will be here before you know it, Mercedes-backed Farasis Energy claims. During a recent investor meeting, Farasis said it will begin delivering solid-state EV batteries by the end of 2025.
Farasis Energy will deliver solid-state EV batteries in 2025
The new battery tech, promising to unlock more driving range, faster charging, and longer life-spans, is finally moving from the lab to the real world.
Farasis Energy confirmed during the meeting, held on September 15, that its all-solid-state EV batteries are now entering pilot production and delivery. The company is building a 0.2 GWh pilot line for the new sulfide-based solid-state batteries, with deliveries set to begin by the end of 2025.
In a filing released the following day, viewed by IT Home, the company said it’s fully committed to bringing the new battery tech to market.
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Farasis uses a high-nickel ternary cathode and a high-silicon anode, claiming an energy density of 400 to 500 Wh/kg.
The report said R&D has progressed “smoothly,” and the company plans to begin deliveries by the end of 2025. Initially, they will be delivered in small batches to select customers.
(Source: Farasis Energy)
Meanwhile, Farasis’ second-gen sulfide-based all-solid-state EV batteries are moving past the tech development phase. The second-gen batteries have an energy density of 500 Wh/kg, which would be among the highest in the industry. It’s expected to roll out in 2026.
In 2027, the company plans to launch the third-generation, promising to unlock an energy density of over 500 Wh/kg.
Mercedes EQS modified with a solid-state battery (Source: Mercedes-Benz)
The report claims that the semi-solid-state batteries only cost 5% to 10% more than liquid batteries, and Farasis expects shipments to ramp up significantly next year.
Just this year, Farasis Energy said it has secured new clients, including XPeng, GAC Group, and “a leading domestic new energy commercial vehicle client” for its core products, SPS (Super Pouch Solution) batteries, and semi-solid state batteries.
Farasis Energy all-solid-state EV battery (Source: Farasis Energy)
The company plans to expand overseas and into new segments, including humanoid robots. Farasis is already using all-solid-state batteries in humanoid robots and has sent samples to leading humanoid robot companies.
Mercedes-Benz bought a stake in Farasis Energy in 2020 to secure battery supply for its upcoming electric vehicles.
A modified Mercedes EQS with solid-state batteries travels 750 miles (1,205 km) on a single charge (Source: Mercedes-Benz)
The news comes after Mercedes announced just last week that it drove an EQS, equipped with solid-state batteries, from Stuttgart, Germany, to Malmö, Sweden, covering 750 miles (1,205 km). Mercedes said the vehicle still had another 85 miles of range to go. US-based Factorial Energy supplied the battery cells.
Mercedes’ tech boss, Markus Schäfer, called solid-state batteries “a true gamechanger” for electric vehicles. Schäfer added the new battery tech “delivers not only in the lab but also on the road.”
Farasis Energy, Mercedes-Benz, and Factorial Energy are just a few of the companies racing to unlock the “holy grail” of EV batteries. Toyota, Volkswagen, Stellantis, and Honda, to name a few, are aiming to launch solid-state batteries by the end of the decade. BYD and CATL are reportedly aiming for around 2027.